“To drive a rerating, associates need to become a source of hope – with the Indian and Indonesian markets restoring equilibrium. Should they look set to go beyond that, to oligopolistic pricing, then a value step-up could be substantial. Improvements showing through at Digital Life and in Australia and Singapore are also potential drivers,” it said.

The bank added that the stock was trading at an attractive 13.5 times price-to-earnings for fiscal 2018 and a 5.5 percent dividend yield.

’Attractive’ dividend yield

“We like its dividend yield, which is both high, and relatively sustainable versus peers,” Deutsche Bank said.

It also saw fundamentals that make the stock attractive.

“The company is gaining strong traction in Australia, and has potential to grow along with rising enterprise spend, which we expect to be a regional driver as constrained IT budgets finally get loosened. We also like it for its exposure to Bharti, in our view a long-term regional must-own,” Deutsche Bank said.